Intertek surpasses expectations

Product testing group Intertek's 2011 results passed with flying colours, with both revenue and profits ahead of market expectations.

The firm saw revenue growth of 27% to £1,749m in 2011 from £1,374m in 2010. In constant currency terms, revenue grew 8.3% on an organic base from 2010. The market had been expecting revenue of £1,696m.

Adjusted profit before tax rose 23% to £260.1m, ahead of market expectations of £237.0m, from £211.9m in 2010. Adjusted earnings per share (EPS) on a diluted basis rose by a fifth to 107.2p (consensus: 102.04p) from 89.4p the year before. The full year dividend has been increased in lien with EPS growth to 33.7p from 28.1p the year before. The market had been expecting a dividend of 32.41p.

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"All five divisions contributed to our organic growth, with a very good performance from the Commodities division and a second half acceleration from the Consumer Goods division," disclosed Wolfhart Hauser, Chief Executive Officer of Intertek.

"Our strong growth drivers combined with our strategic focus on supporting global quality needs give us confidence that we will report another year of strong results in 2012 and extend our track record of growth delivery into the future," Hauser added.

More to follow ...